by COLlive reporter
Cryptic no more.
Over 100 Chabad centers and Jewish organizations around the world are now accepting donations given in cryptocurrencies and they are immediately receiving the donation amount in hard cash.
The quick exchange is happening thanks to BitDonate, a new donation management platform that allows nonprofits to accept contributions in over 1500 cryptocurrencies, among them Bitcoin and Ethereum.
Once a donation is made, BitDonate converts the cryptocurrency at the best possible rate into the national currency that the charity is working with and then transfers the converted amount to the charity’s designated bank account.
Within 3 months since their launch, BitDonate has over 100 charities signed up and a substantial amount has been donated and converted with the proceeds sent to the charities. The platform was founded by Feitel Levin, a New York-based investor and philanthropist and a group of blockchain technology experts based in Europe.
“Around the world, forward-thinking organizations from small to large are joining the Bitcoin trend the likes of United Way, Red Cross or Save the Children with many of them doing so in order to get more donations in,” Levin says.
A recent survey by Blockchain Capital shows that one-fifth of all U.S. adults aged 18-34 now own Bitcoin. “This is how the younger generation is and will be donating to charity,” Levin told COLlive.com. “Not having the option to accept crypto donations is practically leaving money on the table.”
BitDonate says its advantages of accepting donations in cryptocurrencies are transparency, cost minimization, access to a new and global pool of donors as well as good marketing and awareness opportunity.
Organizations in the New York area that joined BitDonate are Machne Israel Development Fund (Chabad Lubavitch HQ), Colel Chabad, Jewish Children’s Museum, Jewish Educational Media (JEM), Shluchim Office, Rohr Jewish Learning Institute (JLI), Associated Beth Rivkah Schools, Oholei Torah, Ahavas Chesed, Yaldei Shluchei HaRebbe and Friendship Circle of Brooklyn.
In addition to tens of Chabad centers across the US, other large organizations that signed up are Zaka International Rescue and Recovery, Chabad on Campus International, Mayanot Institute, Aleph Institute, Jewish Educational Trade School (JETS), Jewish Learning Network, The European Synagogue in Brussels and the Transylvania Cultural Community.
“I do believe nonprofits should start accepting Bitcoin and other cryptocurrencies,” Ryan Scott, CEO of ICO Impact Group who invests in blockchain and cryptocurrency funded startups, recently commented. “There are a lot of very crypto-wealthy individuals who have more money than they know what to do with, but one thing is for certain – they aren’t converting it to fiat (U.S. dollars).”
The sign-up process for bona fide charities is easy and is free. Unlike credit card processing platforms, there is no monthly maintenance fee. BitDonate does take 3% from donations. To learn more, visit www.BitDonate.org